More Wealthy Democrats in Senate than Republicans

So much for that false narrative put forth by the DemonRats and LSM:
Seven of the Top Ten Wealthiest Members of Congress Are Democrats
Yes America, there is a wealth gap. Seven of the top ten wealthiest members in Congress are Democrats.

Richard Pollock – PJMedia

The results are based on a new study released today by the non-partisan Center for Responsive Politics. The Center did an analysis of the financial statements filed by members of Congress for 2010 income and net worth.

This revelation of extreme wealth by Democratic politicians is completely contrary to the public image of the Democratic Party. President Obama has castigated “millionaires and billionaires,” suggesting they are evil people, largely Republican or conservative. The issue of the Democratic Party as the millionaire party has not yet made it into the mainstream media. But the facts are indisputable. Democratic members of Congress tend to be wealthier than their Republican counterparts.

According to the Center, 36 Senate Democrats and 30 Senate Republicans reported an average net worth in excess of $1 million in 2010. The median estimated net worth among members of the Senate Democrats was $2.58 million. Senate Republican median net worth was $2.43 million.

And, the wealthy Democrats tend to inherit their money.  Republicans tend to earn it.

Senators John Kerry (D-MA), Jay Rockefeller (D-WV) and House Minority Leader Nancy Pelosi (D-CA) all came by their fortunes through marriage or inheritance.  Senator Kerry, who was born into wealth, has listed his net worth as high as $281 million, while his wife Teresa is estimated to be worth $1 billion.  Ms. Heinz did not earn her wealth either. She inherited the money from her husband Senator John Heinz, who died in an airplane crash.

Senator Rockefeller, representing dirt poor West Virginia,  inherited his fortune from his family. He is reported to be worth $136 million.

While the economy continued to tank in 2010, Rep. Pelosi reported her own wealth to grow by 62%. Pelosi’s husband, Paul, is a financier.  They own a multi-million dollar vineyard and a number of million dollar homes. They have a net worth of $196 million.

Former Democrat Rep. Jane Harmon (D-CA), who in 2010 was listed as the third wealthiest member of Congress, was married to the late stereo magnate Sidney Harman of Harman-Karmen fame. Together they were worth $493 million.

Only Republican Rep. Michael McCaul (R-TX) married into major money. His net worth went from $12 million to $502 million in two years.  The explanation? He married an heiress to the Clear Channel radio empire.

Among those who actually got their money by earning it, Republicans were in the slight majority. Rep. Darrell Issa (R-CA), a self-made millionaire earned his wealth by creating the Viper car security system. He is estimated to be worth more than $700 million.  Sen. Jim Risch (R-Idaho) started as a rancher and attorney.  His wealth is cited as $88 million.

Rep. Vernon Buchanan (R-FL), one of only three Republicans to make the top ten earned his money through real estate and car dealerships.  He is estimated to be worth over $323 million.

Much has been made about Senator Bob Corker (R-TN) being the wealthiest Republican in the U.S. Senate. But he is ranked only number 14 because there are so many wealthier Democrats ahead of him. He doesn’t make the Top Ten. He worked as a construction superintendent.  Then started his own company. Today he is worth $107 million.

Among Democrats who earned their income, Senator Mark Warner (D-VA) first made his money as a mobile phone franchiser, later as a high tech venture capitalist in Northern Virginia just outside of Washington.

Warner is reported to have learned about the telecommunications industry while working for Sen. Chris Dodd (D-CT).  Sen. Dodd decided not to run for re-election as he was under a cloud for taking a below-market mortgage from the CEO of now bankrupt Countrywide Financial.

For those who are keeping score, Dodd recently landed a sweet job as the head of the Motion Picture Association of America after he declined to run for re-election in 2008.  The Hollywood Reporter says his annual salary will be pegged at $1.5 million.

Rep. Jared Polis (D-CO), earned his fortune in the flower and greeting card business. He was the founder of Pro-Flower and an e-commerce greeting card company which he sold to for more than $700 million.

New Jersey’s long time Democratic Sen. Frank Lautenberg (D-NJ) rounds out the top ten.  He originally was with a high tech company and is worth $116 million.  New Jersey, considered one of the most corrupt states in the country, has had many home-grown Democratic gazillionaires for a long time.

Former Democratic Senator and New Jersey Governor Jon Corzine last week resigned as CEO of MF Global, a well established company he ran into the ground. As of last week federal investigators were trying to determine why the company is missing $900 million.  It closed its doors last week and laid off more than 1,000 employees.

The issue of politics and money has been a complicated one.  President Barack Obama brought in far more money from Wall Street in his 2008 campaign than his Republican opponent Sen. John McCain (R-AZ).  Obama raked in $1 million from Goldman Sachs employees that year.  While his numbers are lower this year, the President has attracted $15.2 million from the financial services industry that he attacks so frequently.

Many Democrats run institutions on Wall Street.  Jamie Dimon, the CEO of J.P. Morgan has been a long-time Democratic supporter. So too has Goldman Sachs Chairman and Chief Executive Officer Lloyd C. Blankfein.

When will the mainstream media figure out that Democrats are part of a millionaire’s club too? Maybe someone should tell the Occupy Wall Street protesters, if they are still in their park.

Explore posts in the same categories: Abuse of Power, Money, politics

31 Comments on “More Wealthy Democrats in Senate than Republicans”

  1. Gonzo Says:

    …and there is a real good chance that they are involved in unindicted inside trading:

    • Troy Dean Says:

      the reason why you are a complete clown, is the glaring hole in your Bull$%#& theory – DEMOCRAT POLITICIANS WANT TO RAISE TAXES ON THEMSELVES AS MILLIONAIRES. REPUBLICAN DO NOT. AND— your inherited VS earned wealth is 100% BULL$#%@! By comarison, of the top ten wealthiest Americans — 6 are Republicans, 4 Democrats. All 6 Republicans – The Koch Brothers and the Walmart Family, all of them inherited their vast fortunes. And they spend billions to keep the Republicans creating laws that protect their way of making money, which is Capital gains. Also known as making money off of money. All inherited money in their case. While the 4 wealthiest Democrats in the top ten, all of home support Democrats in increasing their taxation, all of them earned their wealth.

      • tgusa Says:

        By all means Troy, lets redistribute it and then squander it! After all, morons who cannot create wealth are much more capable of providing jobs, right?

        If i work hard why should I not be able to pass it on to my kin? Why should I have to pass it on to your kin instead?

        Right now, in this horrid economy I am still working hard to add to our families accrued wealth. Maybe if I live long enough I will be able to utilize it. Get out, get a skill or profession and work!

        • Gonzo Says:

          The interesting part of that whole redistribution scheme that liberals tend not to want to discuss, is what would happen afterwards.

          Just for the sake of argument, lets say that by some miracle, everyone found themselves exactly fiscally equal, (no, i dont know how, aliens, ok, just go with it). What do you suppose would happen? – if you are a liberal idealist, you would think that everyone would stay that way, just because. I’m not sure how they think that would happen…perhaps because of aliens.

          In reality, the eventual outcome would be pretty much what we have today. Most folks would spend all of the money by squandering it on bad purchases, (for proof of that look at lottery winners), others will make bad investments, and others yet will just sit on their butts and simply expect equality to continue to happen.

          In the meantime, there will be those who work hard to offer products and services for others to consume, and they will end up becoming fiscally richer as a result. Of course, that will lead to jealousy, and the ones that sit on their duffs, or spend frivolously will demand their “fair share” once again.

          Thus it seems to me that the answer is not wealth redistribution, but rather the distribution of relevant knowledge and the management of expectations. Punish the cheats, sure, but not the hardworking and intelligent.

      • Gonzo Says:

        I assume that you are speaking to the article, and not my link to a story about how politicians (including Democrats) use insider trading in a way to cheat the system and profit immensely.

        I also assume that you seem to think that Democratic politicians are somehow more moral than Republicans based on some pointless political jousting during the run up to election time.

        So you might be interested to know that recent research shows that Democratic Politicians Tax Cheats Outnumber Republican, 72% v. 28%.

        Did you also know that in an interview just a couple years ago that Obama admitted that it is a bad idea to raise taxes in a recession,: Obama of a question by a citizen, “First of all, he’s right (Scott, a citizen that raised the question). Normally, you don’t raise taxes in a recession, which is why we haven’t and why we’ve instead cut taxes. So I guess what I’d say to Scott is – his economics are right. You don’t raise taxes in a recession. We haven’t raised taxes in a recession.”

        For another eye opener, web search “democrats involved in crony capitalism” if you think democrats are not buddy buddy with big business.

        I’m not even going to get in to the amount of tax waste that democrats seem to make happen. So you see, democrats are in no way the moral standard by which folks should model themselves – few politicians are.

        But by all means, lets get rid of capital gains. Of course, all the middle-class folks with their 401k and pensions that require capital gains to grow, will just be out of luck.

      • Gonzo Says:

        BTW, those making $1million a year or more will pay about 30% in federal taxes, while the avg middle class American will pay 15% in federal taxes. The tax rates for the upper income brackets is much higher.

        The capital gains tax is 15%, which is what tends to level the playing field a bit for the wealthy. However, that only brings them about even with what the average American pays in taxes. It does not make them evaders of tax. As such, they do pay a “fair share”.

        BTW, didnt Obama Treasury Secretary Democrat Tim Geithner, Democrat Tom Daschle, & Democrat Charlie Rangel, (who has been head of the House tax-writing committee for years ), all ended up being found to be long-time tax evaders?

        Gosh, I hope those righteous democrats that want to tax more so that they can spend more, don’t end up being added to that list. That would make you look like a clown. Because after all, history has shown over and over how well the gvt manages its money, and how well it sparks the job market. /sarcasm

      • Edw B Says:

        Blind party faith…………..
        Both wealthy dem’s or rep’s pay a great deal to tax attorneys, high limit CAP firms etc., to keep their wealth and they are informed how to write laws that even protects future wealth they might gain. This is in reality Mr. Dean a fox in the hen house and remember that prior to this past year the democrats controlled both houses.

      • duif100 Says:

        Have you ever heard of tax loopholes. It is very easy to be in favor of tax increases if your own protective loopholes are already buit in.
        Which politician in congress pays his fair share?
        To create a legal way out for them does not make it a fair share!
        I am every time amazed at how little tax is being paid by the rich in congress.
        I have paid more tax (percentage wise) on incomes below 100K than the 23% tax Obama pays on income in the millions.

      • joyce baird Says:

        Read the LARGE PRINT the topic is $$$$$ in Congress Senate & House not in general. Duh!!

      • Ric Butler Says:

        Wow !! Off your meds? Where is a democrat tax reform bill? They squawk whine espouse spew prevaricate demand reform yet had 4 YEARS to do. So smartie please explain but DONT blame GOP Dems had super majority in senate majority house AND the white house No bills No action. Why? to easy would hurt DONORS. OLfA mesnbc motherjones have yet again lied to you.You should consider real sources.

  2. Peter Says:

    Your information about Congressman Jared Polis is incorrect.

    He was born a millionaire as his parents owned Blue Mountain Art (greeting cards) business. He started an online version after working for the company which he was unable to make profitable.

    Because of the high number of users, however, the Northern California dotcom folks bought it for over $700 million right before the crash. Subsequently, it was sold for pennies on the dollar.

    Yes, he used his parent’s wealth to become richer but he is not a “self-made millionaire.”

  3. Scott morrow Says:

    Why am I not surprised

  4. […] More Wealthy Democrats in Senate than Republicans Yes America, there is a wealth gap. Seven of the top ten wealthiest members in Congress are Democrats. […]

  5. […] Gazette not only that,,there are far more wealthy democrats in politics than republicans.. More Wealthy Democrats in Senate than Republicans | Doctor Bulldog & Ronin now if you can stay on topic, [i.e. who earns more and who gives more],,take a whack at denying […]

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